Comments by "Marvin Fine" (@torontovoice1) on "The Global Minimum Tax for Individuals" video.

  1. Well I think this is a little bit of fear mongering to say the least. Just because the US taxes there were citizens, doesn't mean that other countries are going to get on board. I think it's highly unlikely and quoting from Fringe parties who pander to ultra lefties to make these proposals such as Mr Singh from Canada of the NDP party, is really unfathomable. As far as the global tax on corporations is concerned. I think the countries have got together are talking about multinational corporations that have moved their intellectual property or controlling mind and body into low tax jurisdictions like Ireland for example for tax savings. I think it would be and more appropriate which is the proposal that they pay tax in the area where they operate. I think the way they're able to get away with paying very little tax at the moment is that they move their IP to this low tax jurisdiction like Ireland, and then charge subsidiaries ridiculous fees for using their intellectual property more or less in the same way that one would use transfer pricing. The other thing that's noteworthy is that a really two types of income income that is generated by residence who live in a particular country, and investment income which is generated out of the country. Some countries have made this distinction like territorial tax countries, but I think the most developed countries are still going to tax people on their worldwide income, but I think they charge different rates especially in the case of capital gains on investments. There's no doubt about it that having another passport does provide a modicum of mental tranquility, but I suspect that none of these are going to come to pass at least in the next 10-15 years. The other thing of course to consider is that there are more and more tax treaties being agreed upon, and in the case of Canada for example, they really don't care how long you spend in Canada if you're paying tax in another country that they have a tax treaty with. Canada is a great country to live in and do business in, but the healthcare or at least access to it is challenging to say the least, and people are often forced to go overseas to get medical treatment. As well, if you're not a fan of cold weather freezing weather and weather that is unlike Florida weather, Canada would not be a good fit for you. Anyway great content and some food for thought
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